Management Earnings Forecasts Information Asymmetry And Liquidity

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Management Earnings Forecasts, Information Asymmetry, and Liquidity

Author : Mikhail Pevzner
Publisher :
ISBN 13 :
Total Pages : 64 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Management Earnings Forecasts, Information Asymmetry, and Liquidity by : Mikhail Pevzner

Download or read book Management Earnings Forecasts, Information Asymmetry, and Liquidity written by Mikhail Pevzner and published by . This book was released on 2007 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study investigates (1) whether forecasting firms have lower liquidity prior to the issuance of a management-earnings forecast than non-forecasting firms and (2) whether forecasting earnings has a persistent affect on a firm's liquidity. I find that, first, forecasting firms have greater liquidity in the period prior to a forecast. Second, while issuing forecast increases liquidity in over short windows, this effect is not significant over longer windows. Third, initiating or ceasing the issuance of earnings forecasts has no significant long-term effect on the firm's liquidity. Combined, these results suggest that management earnings forecasting decision does not appear to be driven by liquidity-improvement goals, and that management earnings forecasts do not appear to strongly affect firms' liquidity.

Management Forecasts and Information Asymmetry

Author : Maribeth Coller
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)

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Book Synopsis Management Forecasts and Information Asymmetry by : Maribeth Coller

Download or read book Management Forecasts and Information Asymmetry written by Maribeth Coller and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates whether the decision to issue a management earnings forecast is related to information asymmetry in the market for the firm s stock and whether the forecasts reduce the asymmetry. Theoretical models hold that a portion of the bid-ask spread arises because of asymmetric information and that specialists widen spreads when they perceive greater information asymmetry. We find that forecasting firms have wider bid-ask spreads than a matched sample of non-forecasting firms prior to the forecast release. This difference disappears after the release of the management forecast. Forecasting firms also experience a gradual increase in spreads over the twelve months leading up to the forecast. The spread is reduced to below the pre- forecast level after the forecast is released.

Earnings Quality

Author : Jennifer Francis
Publisher : Now Publishers Inc
ISBN 13 : 1601981147
Total Pages : 97 pages
Book Rating : 4.6/5 (19 download)

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Book Synopsis Earnings Quality by : Jennifer Francis

Download or read book Earnings Quality written by Jennifer Francis and published by Now Publishers Inc. This book was released on 2008 with total page 97 pages. Available in PDF, EPUB and Kindle. Book excerpt: This review lays out a research perspective on earnings quality. We provide an overview of alternative definitions and measures of earnings quality and a discussion of research design choices encountered in earnings quality research. Throughout, we focus on a capital markets setting, as opposed, for example, to a contracting or stewardship setting. Our reason for this choice stems from the view that the capital market uses of accounting information are fundamental, in the sense of providing a basis for other uses, such as stewardship. Because resource allocations are ex ante decisions while contracting/stewardship assessments are ex post evaluations of outcomes, evidence on whether, how and to what degree earnings quality influences capital market resource allocation decisions is fundamental to understanding why and how accounting matters to investors and others, including those charged with stewardship responsibilities. Demonstrating a link between earnings quality and, for example, the costs of equity and debt capital implies a basic economic role in capital allocation decisions for accounting information; this role has only recently been documented in the accounting literature. We focus on how the precision of financial information in capturing one or more underlying valuation-relevant constructs affects the assessment and use of that information by capital market participants. We emphasize that the choice of constructs to be measured is typically contextual. Our main focus is on the precision of earnings, which we view as a summary indicator of the overall quality of financial reporting. Our intent in discussing research that evaluates the capital market effects of earnings quality is both to stimulate further research in this area and to encourage research on related topics, including, for example, the role of earnings quality in contracting and stewardship.

Stock Market Liquidity and Information Asymmetry Around Voluntary Earnings Announcements

Author : Faten Lakhal
Publisher :
ISBN 13 :
Total Pages : 31 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Stock Market Liquidity and Information Asymmetry Around Voluntary Earnings Announcements by : Faten Lakhal

Download or read book Stock Market Liquidity and Information Asymmetry Around Voluntary Earnings Announcements written by Faten Lakhal and published by . This book was released on 2005 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies market liquidity and stock prices components of information asymmetry around non-mandated earnings announcements by focusing on effective bid-ask spreads and trading volumes. Using event study methodology for 309 voluntary earnings announcements from 1998 to 2001, we found that voluntary earnings disclosures exhibit significant stock market reactions around news releases. We also noticed a significant decrease in effective spreads and an increase in trading volumes when good and bad news are released. Moreover, investors react more aggressively to bad news announcements suggesting that these news are more credible. Panel-data regression analyses were also used to examine both categories of voluntary earnings announcements: earning forecasts and quarterly earning announcements separately. They show that quarterly announcements enhance market liquidity by reducing bid-ask spreads and increasing trading volumes in the announcement window. However, earnings forecasts exacerbate information asymmetry before and after the announcement date. This result suggests that earning forecasts are subject to earning manipulation and less credible, then for the market.

Management Earnings Forecasts, Insider Trading, and Information Asymmetry

Author : Anastasia Kraft
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Management Earnings Forecasts, Insider Trading, and Information Asymmetry by : Anastasia Kraft

Download or read book Management Earnings Forecasts, Insider Trading, and Information Asymmetry written by Anastasia Kraft and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We investigate whether senior officers use accrual-based earnings management to meet voluntary earnings disclosure (i.e., management earnings forecasts) before selling or buying their own shares when they have private information. This study is the first to use the differences in timing of trades by senior officers and other insiders (e.g., directors or large shareholders) to infer information asymmetry. We hypothesize that the timing of senior officers' trades with no other insiders' trades at the same time indicates opportunistic trades and asymmetric information between senior officers and other insiders. Our results show that senior officers' exclusive sales are negatively associated with future returns, indicating that they tend to use insider information. Moreover, senior officers are more likely to meet their earnings forecasts when they plan to sell stocks.

Earnings Management

Author : Joshua Ronen
Publisher : Springer Science & Business Media
ISBN 13 : 0387257713
Total Pages : 587 pages
Book Rating : 4.3/5 (872 download)

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Book Synopsis Earnings Management by : Joshua Ronen

Download or read book Earnings Management written by Joshua Ronen and published by Springer Science & Business Media. This book was released on 2008-08-06 with total page 587 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is a study of earnings management, aimed at scholars and professionals in accounting, finance, economics, and law. The authors address research questions including: Why are earnings so important that firms feel compelled to manipulate them? What set of circumstances will induce earnings management? How will the interaction among management, boards of directors, investors, employees, suppliers, customers and regulators affect earnings management? How to design empirical research addressing earnings management? What are the limitations and strengths of current empirical models?

Conference Issue on Accounting in the Twenty-First Century

Author :
Publisher :
ISBN 13 :
Total Pages : 764 pages
Book Rating : 4./5 ( download)

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Book Synopsis Conference Issue on Accounting in the Twenty-First Century by :

Download or read book Conference Issue on Accounting in the Twenty-First Century written by and published by . This book was released on 1999 with total page 764 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Public Disclosure of Corporate Earnings Forecasts

Author : Francis A. Lees
Publisher :
ISBN 13 :
Total Pages : 56 pages
Book Rating : 4.3/5 (97 download)

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Book Synopsis Public Disclosure of Corporate Earnings Forecasts by : Francis A. Lees

Download or read book Public Disclosure of Corporate Earnings Forecasts written by Francis A. Lees and published by . This book was released on 1981 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Statistical Theory of Linear Systems

Author : E. J. Hannan
Publisher : SIAM
ISBN 13 : 1611972183
Total Pages : 418 pages
Book Rating : 4.6/5 (119 download)

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Book Synopsis The Statistical Theory of Linear Systems by : E. J. Hannan

Download or read book The Statistical Theory of Linear Systems written by E. J. Hannan and published by SIAM. This book was released on 2012-05-31 with total page 418 pages. Available in PDF, EPUB and Kindle. Book excerpt: Originally published: New York: Wiley, c1988.

Mutual Funds

Author : iMinds
Publisher : iMinds Pty Ltd
ISBN 13 : 1921798645
Total Pages : 5 pages
Book Rating : 4.9/5 (217 download)

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Book Synopsis Mutual Funds by : iMinds

Download or read book Mutual Funds written by iMinds and published by iMinds Pty Ltd. This book was released on with total page 5 pages. Available in PDF, EPUB and Kindle. Book excerpt: Learn about Mutual Funds with iMinds Money's insightful fast knowledge series. A mutual fund is an investment vehicle that allows a group of investors to pool their money, allowing a professional to collectively trade securities on their behalf in exchange for a small fee. The pooled funds are used to purchase a diverse range of assets and provide a return to the investor. Typically the assets purchased are shares of companies and so reflect share market movements, but some funds focus on other markets such as property. Although the term 'mutual fund' has specific meaning in United States law,

Advances in Quantitative Analysis of Finance and Accounting (New Series) Vol．12

Author : Cheng F. Lee
Publisher : Center for PBBEFR & Airiti Press
ISBN 13 : 9866286681
Total Pages : pages
Book Rating : 4.8/5 (662 download)

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Book Synopsis Advances in Quantitative Analysis of Finance and Accounting (New Series) Vol．12 by : Cheng F. Lee

Download or read book Advances in Quantitative Analysis of Finance and Accounting (New Series) Vol．12 written by Cheng F. Lee and published by Center for PBBEFR & Airiti Press. This book was released on 2014-01-01 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Advances in Quantitative Analysis of Finance and Accounting (New Series) is an annual publication designed to disseminate developments in the quantitative analysis of finance and accounting. The publication is a forum for statistical and quantitative analyses of issues in finance and accounting as well as applications of quantitative methods to problems in financial management, financial accounting, and business management. The objective is to promote interaction between academic research in finance and accounting and applied research in the financial community and the accounting profession.

Handbook Of Financial Econometrics, Mathematics, Statistics, And Machine Learning (In 4 Volumes)

Author : Cheng Few Lee
Publisher : World Scientific
ISBN 13 : 9811202400
Total Pages : 5053 pages
Book Rating : 4.8/5 (112 download)

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Book Synopsis Handbook Of Financial Econometrics, Mathematics, Statistics, And Machine Learning (In 4 Volumes) by : Cheng Few Lee

Download or read book Handbook Of Financial Econometrics, Mathematics, Statistics, And Machine Learning (In 4 Volumes) written by Cheng Few Lee and published by World Scientific. This book was released on 2020-07-30 with total page 5053 pages. Available in PDF, EPUB and Kindle. Book excerpt: This four-volume handbook covers important concepts and tools used in the fields of financial econometrics, mathematics, statistics, and machine learning. Econometric methods have been applied in asset pricing, corporate finance, international finance, options and futures, risk management, and in stress testing for financial institutions. This handbook discusses a variety of econometric methods, including single equation multiple regression, simultaneous equation regression, and panel data analysis, among others. It also covers statistical distributions, such as the binomial and log normal distributions, in light of their applications to portfolio theory and asset management in addition to their use in research regarding options and futures contracts.In both theory and methodology, we need to rely upon mathematics, which includes linear algebra, geometry, differential equations, Stochastic differential equation (Ito calculus), optimization, constrained optimization, and others. These forms of mathematics have been used to derive capital market line, security market line (capital asset pricing model), option pricing model, portfolio analysis, and others.In recent times, an increased importance has been given to computer technology in financial research. Different computer languages and programming techniques are important tools for empirical research in finance. Hence, simulation, machine learning, big data, and financial payments are explored in this handbook.Led by Distinguished Professor Cheng Few Lee from Rutgers University, this multi-volume work integrates theoretical, methodological, and practical issues based on his years of academic and industry experience.

Multinationality--Earnings, Efficiency, and Market Considerations

Author : Ahmed Riahi-Belkaoui
Publisher : Bloomsbury Publishing USA
ISBN 13 : 031300482X
Total Pages : 289 pages
Book Rating : 4.3/5 (13 download)

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Book Synopsis Multinationality--Earnings, Efficiency, and Market Considerations by : Ahmed Riahi-Belkaoui

Download or read book Multinationality--Earnings, Efficiency, and Market Considerations written by Ahmed Riahi-Belkaoui and published by Bloomsbury Publishing USA. This book was released on 2001-12-30 with total page 289 pages. Available in PDF, EPUB and Kindle. Book excerpt: The impact of multinationality on the operations of a firm is clear and strong. Riahi-Belkaoui shows how it affects the known relationships between earnings, efficiency, disclosure, and market valuation by its role as a dependent, moderating, intervening antecedant or consequent variable. Its impact can be felt, for example, in relationships and phenomena such as the timeliness and the informativeness of earnings, the underreaction of securities analysts, post-earnings announcement drifts, and the level and quality of disclosure. An understanding of multinationality in the earnings-disclosure-efficiency-market valuation relationship can also be used by accountants and researchers in their daily activities, and by corporate executives in multinational organizational decision making. The result is a useful, probing exploration for academics and practitioners alike.

Why ERP? A Primer on SAP Implementation

Author : F. Robert Jacobs
Publisher : McGraw-Hill/Irwin
ISBN 13 :
Total Pages : 146 pages
Book Rating : 4.3/5 (97 download)

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Book Synopsis Why ERP? A Primer on SAP Implementation by : F. Robert Jacobs

Download or read book Why ERP? A Primer on SAP Implementation written by F. Robert Jacobs and published by McGraw-Hill/Irwin. This book was released on 2000-01-06 with total page 146 pages. Available in PDF, EPUB and Kindle. Book excerpt: Why ERP? is not a traditional textbook designed for a specified course, it is patterned after the wildly successful short novel "The Goal" by Eli Goldratt. "The Goal" is currently required reading in many undergraduate, MBA, and executive courses. Like "The Goal," "Why ERP?" is a short novel about a manager in a furniture manufacturing business who is charged with learning about and implementing a new ERP system-particularly SAP R/3. The story tells of his experience learning about it, his considering other installations as examples, and then his deciding the key issues and how to proceed. Incorporated into the story is a concise introduction to the basic concepts and architecture of ERP systems, including actual screen shots of R/3 modules. Though this is NOT a programming book, it is a quick read overview, and it can be assigned even for ‘systems’ majors, as a background reading to lay-out the managerial issues and build a basic understanding of the concepts-prior to doing actual technical programming or hands-on R/3 projects. Through the eyes of the hero in the novel, the reader is presented with all the related implementation and business issues. Intended to provide a non-technical, non-programming introduction, this book can stand alone as a quick read or self-study introduction for any manager or business student. The text is also great for schools who do NOT have any SAP, Oracle, PeopleSoft, or other ERP system on campus, and who have no access to online or hands-on samples or examples. This book can provide the needed literacy and awareness of what ERP is and why it matters.

Corporate Governance at the Crossroads

Author : Marleen Willekens
Publisher : Intersentia nv
ISBN 13 : 9050954693
Total Pages : 150 pages
Book Rating : 4.0/5 (59 download)

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Book Synopsis Corporate Governance at the Crossroads by : Marleen Willekens

Download or read book Corporate Governance at the Crossroads written by Marleen Willekens and published by Intersentia nv. This book was released on 2005 with total page 150 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book discusses the effectiveness of four traditional corporate governance mechanisms: board of directors, audit committee, internal control and audit, external audit) as monitoring and (to a lesser extent) entrepreneurial devices.

Program and Proceedings

Author : American Accounting Association
Publisher :
ISBN 13 :
Total Pages : 388 pages
Book Rating : 4.E/5 ( download)

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Book Synopsis Program and Proceedings by : American Accounting Association

Download or read book Program and Proceedings written by American Accounting Association and published by . This book was released on 2007 with total page 388 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Financial Gatekeepers

Author : Yasuyuki Fuchita
Publisher : Brookings Institution Press
ISBN 13 : 0815729820
Total Pages : 216 pages
Book Rating : 4.8/5 (157 download)

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Book Synopsis Financial Gatekeepers by : Yasuyuki Fuchita

Download or read book Financial Gatekeepers written by Yasuyuki Fuchita and published by Brookings Institution Press. This book was released on 2007-02-01 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: A Brookings Institution Press and Nomura Institute of Capital Markets Research publication Developed country capital markets have devised a set of institutions and actors to help provide investors with timely and accurate information they need to make informed investment decisions. These actors have become known as "financial gatekeepers" and include auditors, financial analysts, and credit rating agencies. Corporate financial reporting scandals in the United States and elsewhere in recent years, however, have called into question the sufficiency of the legal framework governing these gatekeepers. Policymakers have since responded by imposing a series of new obligations, restrictions, and punishments—all with the purpose of strengthening investor confidence in these important actors. Financial Gatekeepers provides an in-depth look at these new frameworks, especially in the United States and Japan. How have they worked? Are further refinements appropriate? These are among the questions addressed in this timely and important volume. Contributors include Leslie Boni (University of New Mexico), Barry Bosworth (Brookings Institution), Tomoo Inoue (Seikei University), Zoe-Vonna Palmrose (University of Southern California), Frank Partnoy (University of San Diego School of Law), George Perry (Brookings Institution), Justin Pettit (UBS), Paul Stevens (Investment Company Institute), Peter Wallison (American Enterprise Institute).